Preparing Your Small Business to Receive Grant Money

Every year, the federal government provides $2.5 billion in funding to help innovators bring their ideas to market. Last year alone, the Wyoming Small Business Development (SBDC) Network helped entrepreneurs secure more than $2.5 million in grants and contracts through the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs. Applying for an SBIR/STTR award is the first step in the process, but preparing for the next stage ahead of time can be just as crucial.

After you’ve been notified that your proposal is being considered for funding, but before you actually get the money, there is a lot of information that will be requested—and time is of the essence. You’ll need to be able to provide proof of the following on short notice:

• An established, compliant accounting system
• A time and effort reporting system
• Policies and procedures for financial management
• And much more

The information requirements vary depending on which government branch is awarding the SBIR or STTR grant. If you want to make sure you are prepared to receive funding from your SBIR/STTR proposal or if you want more information on submitting an initial proposal, contact the Wyoming SBDC Network’s Wyoming SBIR/STTR Initiative at haigler@uwyo.edu or (307) 766-2904 for no-cost assistance.

You’ll also want to attend our upcoming webinars presented by Kris Bergman, managing partner and co-owner of BBC Entrepreneurial Training & Consulting. Kris will describe the specific information requirements of the U.S. Department of Agriculture (USDA), the National Institutes of Health (NIH) and the National Science Foundation (NSF). To register for these free webinars, visit our website at WyomingSBDC.org

ABOUT THE WYOMING SBDC NETWORK: The Wyoming Small Business Development Center Network (SBDC) is a partnership between the University of Wyoming, the Wyoming Business Council and the U.S. Small Business Administration. The Wyoming SBDC Network offers an enormous amount of business expertise to help Wyoming residents think about, launch, grow, reinvent or exit their business.